Jack Lew announces $1B Ukraine loan package

The U.S. is working to provide $1 billion in loan guarantees to Ukraine, the White House announced in a statement Tuesday.

“The U.S. Administration is working with Congress and the Government of Ukraine to provide $1 billion in loan guarantees, the proceeds of which will be aimed at protecting the most vulnerable Ukrainian households from the impact of the needed economic adjustment,” Treasury Secretary Jack Lew said in the statement.

Lew said the U.S. package will focus “on meeting Ukraine’s four most pressing needs,” which include economic reforms, conducting elections, combating corruption and “Withstanding politically motivated trade actions by Russia.”

The statement, which comes as Secretary of State John Kerry is in Ukraine, says the aid is intended to help the country implement reforms in order to restore financial stability. Also in Ukraine, are IMF representatives who are working with authorities in the country.

Lew said in the statement that the U.S. is prepared to work with its partners to provide “as much support as Ukraine needs,” if the necessary reforms are implemented by the new government.

The U.S. aid is aimed at the “most vulnerable” in Ukraine. Lew said the department is working with Congress to approve the 2010 IMF quota legislation. Lew said the would support the IMF’s capacity to lend additional resources to Ukraine while preserving U.S. leadership within the institution.

Assistance from other agencies, including the Departments of Commerce , Energy, Justice, State, Treasury as well as the FBI and USAID, is also being prepared.